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WACHOVIA CREDIT CARD INTEREST RATE FALLS TO ONE-HALF U.S. AVERAGE

 WACHOVIA CREDIT CARD INTEREST RATE FALLS TO ONE-HALF U.S. AVERAGE
 ATLANTA, Jan. 15 /PRNewswire/ -- The interest rate on Wachovia's Prime Plus MasterCard and Visa credit card option fell today to 9.4 percent, one-half the average interest rate charged by the nation's 10 largest credit card issuers.
 "Prime Plus is increasingly popular with consumers who carry a balance on their credit card," said Jerry D. Craft, head of Wachovia Bank Card Services.
 "At this low rate, we also are seeing interest in Prime Plus from consumers who traditionally have not used credit cards for their borrowing needs." Craft said consumers currently using a high-rate credit card are paying double the amount of interest they now would pay with Prime Plus.
 Consumers can transfer balances from other credit card and revolving credit accounts by using one of three free transfer checks issued with each new Wachovia account. The checks let consumers immediately begin to benefit from lower interest rates, Craft said. "Most of our new customers are using the transfer checks to pay off other credit card accounts," he said.
 New Wachovia credit card holders may choose Prime Plus or one of two other credit card rate/fee options: 14.98 percent with a $25 annual fee or 17.98 percent with a $15 annual fee. Wachovia Crown Account customers receive a $15 discount on the annual fee of any of the three credit card options. Current Wachovia credit card customers can switch to Prime Plus at any time. There is a $15 conversion fee when changing to another option if the new interest rate is lower than the rate on the existing option.
 The Prime Plus interest rate is calculated by adding 2.9 percentage points to the prime rate as published in The Wall Street Journal on the 15th day of each month (or the next business day if the 15th falls on a weekend or holiday). It is offered on Visa and MasterCard regular and gold cards. The annual fee for this card option is $39 for the regular card and $49 for the gold card.
 The Prime Plus credit card is available through Wachovia Bank offices in Georgia and North Carolina and nationally through Wachovia Bank Card Services, Wilmington, Del. (800-842-3262). Wachovia Bank Card Services is a subsidiary of Wachovia Corporation (NYSE: WB), an interstate banking company with assets of $33 billion.
 -0- 1/15/92
 /CONTACT: Donald C. Guthrie of Wachovia Bank, 404-332-4237/
 (WB) CO: Wachovia Bank Card Services ST: Georgia IN: FIN SU:


BN-BR -- AT002 -- 9837 01/15/92 08:26 EST
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Publication:PR Newswire
Date:Jan 15, 1992
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